NEW YORK, Aug. 4 (GenomeWeb News) - Qiagen today reported a rise in revenue and net income for the second quarter ended June 30, 2003.
Qiagen, based in Venlo, Netherlands, posted $86.3 million in second-quarter net sales, a 19 percent increase over the year-ago period, in which the company posted $72.7 million in sales. Metin Colpan, Qiagen CEO, attributed the revenue growth to the successful integration of GenoVision and Xeragon, companies Qiagen acquired in 2002, which he said allowed the company to exceed its revenue targets for the quarter.
In particular, Colpan said, the siRNA product line that the company gained from Xeragon "considerably exceeded targeted revenues and has created exciting integration opportunities with Qiagen's core products."
The company also said that its DNA oligonucleotide business "has shown significant increases in profitability in the second quarter."
The boost in sales contributed to a 143 percent increase in net income, which rose to $11.1 million for the second quarter of 2003 from $4.6 million in the same period of 2002.
Qiagen spent $7.6 million on R&D for the second quarter of 2003, up slightly from $6.7 million in the year-ago period.
As of June 30, Qiagen had $51.6 million in cash and cash equivalents, up from $44.9 million on Dec. 31, 2002.
Separately today, Qiagen announced an siRNA manufacturing deal with Novartis.